Distributable Earnings were $1.8 billion, or $1.36 per common share, and we declared a dividend of $1.16 per share, which will be paid to holders of record as of May 4th. Distributable Earnings increased 25% year-over-year to $1.8 billion, as Weston mentioned, underpinned by 23% growth in Fee Related Earnings and a 26% increase in net realizations. Total Assets Under Management grew 12% year-over-year to a new record level of more than $1.3 trillion. We've also become one of the largest investors in the modernization and growth of the U.S.
electric grid, given the rising demand for energy, including to power data centers. Software, in particular, has come into focus as an at-risk area, and we expect the range of outcomes here. As technology moats narrow, advantages will increasingly come from proprietary data, deep workflow knowledge, customer trust, being embedded as systems of record, and the speed and strength of execution. External assertions have ranged from the sector posing systemic risk to the prospect of significant losses of investor capital.
These assertions, and their dissemination, have negatively impacted capital flows in the wealth channel to private credit strategies, including to our flagship vehicle in the space, BCRED. Despite the external noise, our institutional and insurance clients, who represent 75% of our credit platform AUM, have continued to commit large-scale capital to the asset class. At Blackstone, we've generated 9.4% net returns annually in our non-investment-grade private credit strategies since inception nearly 20 years ago, roughly double the return of the leveraged loan market. This track record crosses market and economic cycles, periods of high and low interest rates, and multiple credit default cycles.